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Horace Mann Educators Corporation, together with its subsidiaries, operates as an insurance holding company in the United States. It operates through three segments: Property & Casualty, Life & Retirement, and Supplemental & Group Benefits segments. The Property & Casualty segment offers insurance products, including private passenger auto insurance, residential home insurance, and personal umbrella insurance; standard auto coverage including liability, collision, and comprehensive; property coverage for homeowners and renters. The Life & Retirement segment sells tax-qualified fixed, fixed indexed, and variable annuities; the Horace Mann Retirement Advantage open architecture platform and other defined contribution plans; traditional term, whole life insurance products, and indexed universal life (IUL) products. This segment also offers Life by Design, a portfolio of individual whole life and individual term insurance products that address the financial planning needs of educators; Life Select, a combination product that mixes a base of either traditional whole life, 20-pay life, or life paid-up at age 65 with a variety of term riders; single premium whole life products; and cash value term. The Supplemental & Group Benefits segment offers employer-sponsored products, including accident, critical illness, limited-benefit fixed indemnity insurance, term life, and short-term and long-term disability, as well as worksite direct products, such as supplemental heart, cancer, disability, and accident coverages. The company offers individual protection and savings solutions, including auto insurance, property insurance, liability insurance, 403(b) retirement plans, mutual funds, life insurance, student loan solutions, credit monitoring, and financial wellness workshops. It distributes its products and services through agents, brokers, benefit specialists, direct and digital channels. The company was founded in 1945 and is headquartered in Springfield, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.6B | - | $162M | $553M | 10.9% | 4.8% | 57.7% |
| 2024 | $1.6B | - | $103M | $452M | 8.0% | 8.2% | 128.4% |
| 2023 | $1.4B | - | $45M | $302M | 3.8% | 6.8% | 127.3% |
| 2022 | $1.3B | - | $20M | $172M | 1.8% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,341.10 | 1,432.80 | 1,550.40 | 1,624.90 |
| Operating Revenue | - | 1,341.10 | 1,432.80 | 1,550.40 | 1,624.90 |
| Total Expenses | - | 1,324.60 | 1,379.50 | 1,421.80 | 1,423.70 |
| EBIT | - | 35.90 | 83 | 163.20 | 237.60 |
| Interest Expense | - | 19.40 | 29.70 | 34.60 | 36.40 |
| Net Interest Income | - | -19.40 | -29.70 | -34.60 | -36.40 |
| Other Income Expense | - | 9.50 | 14 | 20.80 | 21.70 |
| Interest Expense Non Operating | - | 19.40 | 29.70 | 34.60 | 36.40 |
| Net Non Operating Interest Income Expense | - | -19.40 | -29.70 | -34.60 | -36.40 |
| Pretax Income | - | 16.50 | 53.30 | 128.60 | 201.20 |
| Tax Provision | - | -3.30 | 8.30 | 25.80 | 39.10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.01 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 19.80 | 45 | 102.80 | 162.10 |
| Net Income From Continuing And Discontinued Operation | - | 19.80 | 45 | 102.80 | 162.10 |
| Net Income From Continuing Operation Net Minority Interest | - | 19.80 | 45 | 102.80 | 162.10 |
| Net Income | - | 19.80 | 45 | 102.80 | 162.10 |
| Net Income Common Stockholders | - | 19.80 | 45 | 102.80 | 162.10 |
| Net Income Including Noncontrolling Interests | - | 19.80 | 45 | 102.80 | 162.10 |
| Normalized Income | - | 23.59 | 45 | 102.80 | 162.10 |
| Diluted NI Availto Com Stockholders | - | 19.80 | 45 | 102.80 | 162.10 |
| Basic Average Shares | - | 41.60 | 41.30 | 41.30 | 41.20 |
| Diluted Average Shares | - | 41.80 | 41.40 | 41.50 | 41.60 |
| Reconciled Depreciation | - | 27.60 | 26.20 | 26.40 | 27.10 |
| Total Unusual Items | 0 | -4.80 | 0 | 0 | - |
| Total Unusual Items Excluding Goodwill | 0 | -4.80 | 0 | 0 | - |
| Special Income Charges | 0 | -4.80 | 0 | 0 | - |
| Impairment Of Capital Assets | 0 | 4.80 | 0 | 0 | - |
| Depreciation And Amortization In Income Statement | - | 16.80 | 14.80 | 14.50 | 14.30 |
| Other Operating Expenses | - | 315.50 | 318.10 | 345.50 | 396.60 |
| Amortization | - | 16.80 | 14.80 | 14.50 | 14.30 |
| Loss Adjustment Expense | - | 747 | 769.10 | 745 | 711.50 |
| Net Policyholder Benefits And Claims | - | 747 | 769.10 | 745 | 711.50 |
| Policyholder Benefits Gross | - | 790.50 | 814.80 | 788 | 759.60 |
| Policyholder Benefits Ceded | - | 43.50 | 45.70 | 43 | 48.10 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Horace Mann Educators Corporationthis co. | HMN | $1.8B | 11.35 | 1.24 | 10.9% | - |
| Stellar Bancorp, Inc. | STEL | $1.9B | 18.53 | 1.14 | 6.2% | - |
| The Baldwin Insurance Group, Inc. | BWIN | $1.9B | -55.47 | 3.13 | -5.6% | 16.99 |
| National Bank Holdings Corporation | NBHC | $1.9B | 17.05 | 1.35 | 7.9% | - |
| Slide Insurance Holdings, Inc. | SLDE |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.8B |
| 4.14 |
| 1.65 |
| 39.9% |
| - |
| Patria Investments Limited | PAX | $1.8B | 21.43 | 3.00 | 14.0% | 12.81 |
| 1st Source Corporation | SRCE | $1.8B | 11.35 | 1.41 | 12.4% | - |
| Fidelis Insurance Holdings Limited | FIHL | $1.8B | 7.93 | 0.74 | 9.4% | - |
| Skyward Specialty Insurance Group, Inc. | SKWD | $1.8B | 10.50 | 1.77 | 16.8% | - |
| Peer Median | - | 10.93 | 1.53 | 10.9% | 14.90 | |